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Re: New Tax Rate is Insane!
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The free ride is over now people. If you didn't prepare for this inevitable bomb, that's on you.

The market won't collapse, it will go though a little turbulence as people adjust to the reality of what they should have been paying in taxes.

To the people who were paying seriously under assessed taxes, what did you think was going to happen? I mean, you had to know your 2.5M house was not really supposed to be assesed at 200k, right?

Posted on: 2/1 15:54
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Re: New Tax Rate is Insane!
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Quote:

stillinjc wrote: Sounds about right for a $2.5 mil property. Ask people from Summit or Westchester.

I am sure there are plenty of people who pay $40K in taxes in plenty of places. That is not my issue. The issue is being whacked with a 164% tax increase in one go.


Posted on: 2/1 15:46
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Re: New Tax Rate is Insane!
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Congrats

Posted on: 2/1 15:42
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Re: New Tax Rate is Insane!
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Sounds about right for a $2.5 mil property.

Ask people from Summit or Westchester.

Posted on: 2/1 15:33
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Re: New Tax Rate is Insane!
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That is a huge hike - it must be hard to stomach. However if the 14K was for an entire brownstone, that was seriously undertaxed, as compared to what newbies are paying in downtown. People are currently paying over 14k for 2BR apartments that are nowhere near as grande as a beautiful brownstone.

I do wonder whether it will have an affect on the market, but for people willing and able to pay over 2 mill for a property, perhaps the $$ is less of an issue.

Perhaps when this all settles out, the tax rate may be reduced. Do we have any hope for that? Is it a possibility?

Posted on: 2/1 15:13
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Re: New Tax Rate is Insane!
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Between that and inabity to dedect, yes.

Posted on: 2/1 15:11
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Re: New Tax Rate is Insane!
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Nearly one third of Jersey City is a non-ratable, meaning they are not affected by the new taxes. Everyone is high because nearly $3 billion (2017) figure is not added to the ratable base. If taxes went up 3 or 4 times just multiply that $3 billion to $9 billion or $12 billion for the 2018 rate.

Posted on: 2/1 15:08
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Re: New Tax Rate is Insane!
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The valuation is in line with sales but if the 1.62% tax rate is final, then the housing market will collapse in Jersey City.


Posted on: 2/1 14:54
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Re: New Tax Rate is Insane!
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Well, that is the 1.62% rate right there. Based on recent sales in your neighborhood, is the valuation in line?

Posted on: 2/1 14:47
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Re: New Tax Rate is Insane!
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There goes the free ride from years of not being reassessed. Be grateful it lasted as long as it did.

Posted on: 2/1 14:47
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New Tax Rate is Insane!
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I just got my revaluatation letter from Appraisal Systems:

2018 Total Assessed Value: $2,416,400

2018 Estimated Annual Taxes: $39,145.68

2017 Total Assessed Value: $190,000

2017 Total Annual Taxes: $14,820.00

According to this, my property taxes will increase by $24,000 or 2.6 times what I am paying now.

That's completely insane.


Posted on: 2/1 14:31
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